There’s a new boss calling the shots at the world’s second-most valuable company.
What happened: John Ternus is now Apple's CEO, as Tim Cook shifts to executive chairman of the board of directors after 15 years at the helm (where his main job will be managing relations with Donald Trump, the man who bestowed him his famous nickname).
Catch-up: During his tenure, Cook did a sterling job scaling up what Steve Jobs had built, reaffirming the dominance of the iPhone and turning its services arm from an afterthought into a crucial pillar. Under his direction, revenues roughly quadrupled and market cap grew more than 13-fold. However, he never oversaw the release of anything as big as the iPhone.
Sure, the Apple Watch is the world's best-selling watch, and there’s a decent chance you’re wearing AirPods as you read this, but neither defined its product category like the iPhone did. The less said about the Vision Pro and the Apple car, the better.
Why it matters: Ternus is a device guy, previously Apple’s head of hardware since 2021, and has heavy expectations to make Apple synonymous with innovation once again — an association it has lost now that other companies are setting the pace for AI development.
The task won’t be easy: hyperscaling AI companies are gobbling up both the chips and the talent that Apple needs to innovate its products. Meanwhile, leadership is expected to experience even more turnover amid an oncoming wave of retirements.
What’s next: Ternus will oversee his first product launch as CEO on September 9, where he is expected to unveil what could be Apple’s next killer product: the foldable iPhone.—QH
